Savings Ass'n v. International Ins. Co‪.‬

This appeal is from a summary judgment of the superior court of Cook County holding that City Savings Association and its
officers could not recover a premium paid by the association for a policy of insurance on its withdrawable share accounts.
A constitutional question was presented to and passed upon by the trial court. The plaintiff is an Illinois corporation operating under the Illinois Savings and Loan Act. (Ill. Rev. Stat. 1957, chap.
32, par. 701 et seq.) The defendant International Guaranty and Insurance Company is a foreign corporation qualified to do
business in this State, and defendant McAdams-Van Wagner, Inc., is an Illinois corporation qualified as a surplus line insurance
agency. In March, 1958, McAdams-Van Wagner, Inc., executed and delivered to the association an insurance policy effected with
International whereby the withdrawable share accounts of the association were insured for a period of one year in the amount
of $10,000 per account. Less than three months later the association sent a written cancellation of the policy to McAdams-Van
Wagner and demanded a return of the unearned premium on the policy. The same demand was made on International. The defendants
refused to cancel the policy or return the unearned premium. The association then commenced this action.